DURHAM – Bioventus announced the departure of its chief executive officer – Kenneth Reali – early Wednesday but an SEC filing says the company’s board “determined that he would transition from his role” on Monday.

It also disclosed terms of a severance agreement.

Anthony Bihil, who retired in 2020 from the job after seven years, returns to the CEO role on an interim basis, Bioventus said.

In the filing, Bioventus added that ‘Mr. Reali’s departure is not related to any matter relating to the Company’s operations, policies or practice.”

The board “informed Kenneth Reali that it had determined that he would transition from his role as Chief Executive Officer of the Company and, on April 4, 2023, Mr. Reali resigned as a director and officer of the Company,” the filing reads.

The “Separation Agreement” calls for Reali to receive severance benefits of:

  • ” (i) payment of his annual base salary of for eighteen months following April 5, 2023 (the “Severance Period”);
  • “(ii) 150% of his target annual bonus for 2023 payable in equal installments over the Severance Period
  • “(iii) payment of COBRA premiums for medical and dental insurance coverage during the Severance Period.”

Bioventus stock trades on the Nasdaq under the symbol BVS.

“We are urgently looking to address our performance and execution, unlock long-term value and deliver on the expectations of our shareholders,” said Bioventus Executive Chairman William Hawkins in the press release announcing the CEO change. “As we search for a permanent successor, we believe Tony is uniquely positioned as the interim CEO to lead Bioventus through this transition given his previous experience, tenure and success at the Company.”

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